Good morning All I would expect CN to be flying home over the...

Good morning All

I would expect CN to be flying home over the weekend if she was in Senegal this week.

Next week (?) we news from COP that they are re-doing the PE notices, once that done expect FAR to tell us quickly how they arranged funding to PE and if WPL wants into SNE it will be post that news you would think.

I for one wouldn't be selling prior to full disclosure from the FAR board of the plans for FAR etc.

To be honest I think CNE dragging its feet on announcing commercial discovery and you would think the Senegal government think the same.

The time line announced by FAR of first oil 2020 is crazy too long a time, maybe that what you need for a Rolls Royce project, I would start straight away with leasing an FPSO and start connecting wells for production within 6 months, lets get the cash flow in to start to pay for the expansion project.

Lets say you producing from ten simple vertical wells to flow a total of 50,000 bopd at a net profit of say USD 20 per barrel = USD 1,000,000 per day. With that sort of proven cash flow you would be readily able to fund a major borrowings to cover the gradual expansion to full field development IE you do it small steps.

Although not good oil field practice I sure the Senegal government would allow gas flaring during the early phase of production as well.